Exercising oversight (1983) (episkopeo from epí = upon or intensifying already existing idea in verb + skopeo = regard, give attention to, look at, contemplate) means literally to look upon, and thus to observe, to examine the state of affairs of something, to look after or to oversee. In the NT, episkopeo is used only in Hebrews 12:15 and 1 Peter 5:2, the latter used to describe the work of shepherding the flock. It expresses careful regard of those in position of responsibility.
The writer of Hebrews exhorts his readers to be
exercising oversight (episkopeo) [over yourselves] lest anyone be falling away from the grace of God, lest any root of bitterness springing up be troubling you, and through this the many be defiled (Hebrews 12:15) (Eerdmans)
Episkopeo describes one who is literally a "watchman" "upon" (prefix "epi-" = upon) the sheep. This verb is in the present tense which pictures these men as constantly, diligently, actively and responsibly overseeing the care of the sheep in their flock. They are constantly examining them for "spiritual parasites" and are ever on the lookout for the ravenous wolves in sheep's clothing (see discussion on Matthew 7:15). Oversight is not the only duty of shepherding, but it is the one Peter mentions here in the situation of suffering.
Episkopeo is made up of two words in Greek just like it is in English - "over" and "sight". Elder-shepherds exercise oversight. They are "overseers". They look out over the flock. God holds them accountable for seeing the big picture and acting for the good of the whole flock.
Vine writes that “exercising” is the right rendering; the word does not imply the entrance upon such responsibility, but the fulfilment of it. It is not a matter of assuming a position, but of the discharge of the duties.
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http://www.preceptaustin.org/1peter_verse_by_verse_51-14.htm#oversight
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Greek Word Studies ( - )
Read freely Greek Word Studies from the Austin Precept text commentary of the Bible in text and pdf format. Precept Austin is an online free dynamic bible commentary similar to wikipedia with updated content and many links to excellent biblical resources around the world. You can browse the entire collection of Commentaries by Verse on the Precept Austin website.We have been "bought with a price" to be "ambassadors for Christ" and our "salvation is nearer to us than when we believed" so let us "cleanse ourselves from all defilement of flesh and spirit, perfecting holiness in the fear of God" "so that when He appears, we may have confidence and not shrink away from Him in shame at His coming." (1Cor 6:20, 2Cor 5:20, Ro 13:11, 2Cor 7:1, 1Jn 2:28)